The Day The Penny Died: U.S. Mint Presses Final One-Cent Coin In Philadelphia After 232 Years

By Cecilia Levine From Daily Voice

The penny is finally cashing out.

The United States Mint pressed the final circulating penny at its Philadelphia facility during a ceremonial event on Wednesday, Nov. 12.

United States Treasurer Brandon Beach struck the coin, marking the end of the penny’s 232-year run as a circulating piece of US currency. Watch the video below.

The penny was first authorized by the Coinage Act of 1792 and has played a role in American life from the earliest days of the US economy to the present, according to the Mint. 

Officials said the cost of producing each penny rose from 1.42 cents to 3.69 cents over the past decade, making continued production unsustainable.

The Mint said the penny remains legal tender. There are an estimated 300 billion pennies still in circulation, far more than needed for commerce.

Retailers can continue to price items in one-cent increments, according to the Mint. The agency will also continue making numismatic, collector-focused versions of the penny in limited quantities.